Dogecoin ($DOGE) is at a significant juncture as its price tests a key technical support level within a symmetrical triangle. The current level is $0.17574, down 2.63% from the previous day, indicating a potential breakdown risk.
Technical Analysis and Price Levels
The current DOGE/USD chart shows a symmetrical triangle developing since February 2025. This pattern signals tightening price action and reduced volatility, often a precursor to a breakout. If the price breaks below the support line, potential targets include $0.152 and $0.128.
Trading Dynamics and Options Activity
Data from derivatives markets indicates a sharp decline in DOGE trading volume, down 35.19% to $2.03 billion. However, options activity surged by 114.96%, reaching $27.38 million, suggesting traders are seeking structured hedges or directional bets amidst uncertainty in spot and futures markets.
Long Position Liquidations and Volatility
In the past 24 hours, total DOGE liquidations amounted to $1.9 million, with $1.56 million coming from long positions. This highlights vulnerability among longs. Given the volatility, traders are awaiting a confirmed move that could determine the market's next direction.
Given the current uncertainty and the potential breakout from the symmetrical triangle, Dogecoin's state remains fragile. Traders are closely monitoring the situation and awaiting confirmation of further movements.
